Wachovia Corp. is offering retail lockbox clients an automated service for same-day processing of payment exceptions.
As many as 20% of payments at the retail lockbox contain incomplete account information for posting, the Charlotte company said last week. The service is designed to let businesses accept payments, decline them, or add posting information as part of the intraday online review process, rather than reviewing and researching the payment manually, which can delay processing by days.
Wachovia said it developed the service in conjunction with Remitco LLC, the First Data Corp. unit to which it outsourced the payment processing work in 2004.
The service was tested with a customer and is now available to all its clients, Wachovia said.
Last month Mellon Financial Corp., announced its own online service that lets clients review and correct exceptions. The Pittsburgh company said it developed the service in conjunction with its imaging vendor, Wausau Financial Systems Inc. of Mosinee, Wis.
